Latest data from the Bank of Ghana shows that Ghana earned a total of US$399.65 million in petroleum revenue in the second half of 2025, marking a significant decline compared to earnings recorded during the same period in 2024.
According to the Semi-Annual Report on the Petroleum Holding Fund (PHF), the amount—derived from crude oil sales and petroleum-related taxes—was notably lower than the US$369.25 million generated from crude oil liftings alone in the second half of 2024, highlighting a slowdown in the sector’s revenue performance.
Between July 1 and December 31, 2025, receipts came mainly from two sources. Crude oil liftings from the Jubilee and Sankofa Gye Nyame (SGN) fields generated US$198.25 million after the Ghana Group, represented by the Ghana National Petroleum Corporation (GNPC), lifted two Jubilee cargoes and one SGN cargo.
Corporate income taxes and interest earnings from the PHF contributed an additional US$201.40 million, made up of US$198.09 million in taxes and US$3.31 million in interest income.
The report also noted the absence of revenue from the 25th cargo from the TEN field, valued at US$60.79 million. Although the cargo was expected in November 2025, the proceeds had not been received by the end of the year and were therefore excluded from the reported figures.
Distribution of petroleum revenue
Despite the decline in inflows, total petroleum revenue distributed during the period amounted to US$493.40 million, exceeding actual receipts due to the use of accumulated balances and other income sources.
The Annual Budget Funding Amount (ABFA) received the largest allocation of US$285.06 million to support government development programmes. The Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) were allocated US$115.99 million and US$49.71 million, respectively, while GNPC received US$42.63 million to cover equity financing and participating interest costs.
Fund performance and outlook
Ghana’s petroleum savings posted positive returns during the period, with the Ghana Petroleum Funds recording a net realised income of US$28.11 million. The Heritage Fund achieved a return of 2.28 per cent, while the Stabilisation Fund recorded 2.51 per cent.
As of December 31, 2025, Ghana’s total petroleum reserves stood at US$1.55 billion, with the Heritage Fund accounting for US$1.38 billion.
Looking ahead to 2026, the Bank of Ghana adopted a cautious outlook, noting that Brent crude prices declined from US$66.61 to US$60.81 per barrel by the end of 2025. Although the International Monetary Fund projects global growth of 3.3 per cent, the report warned that Ghana’s petroleum revenues remain exposed to geopolitical tensions in the Middle East and OPEC+ production decisions.
Oil prices are projected to average around US$62.13 per barrel in 2026, suggesting limited upside for petroleum revenue in the near term.
